London, 28 February 2023: Zorin Finance, the alternative property lending specialist, has announced the completion of a £13.6m development loan for a new PBSA bloc in Northampton Town. This is the first transaction between Zorin and Zone Luxury Developments, who are an experienced up-market PBSA developer in the midlands.
Zorin’s loan will finance the demolition and subsequent construction of a 201-bed PBSA-led block, catering to Northampton’s growing student location and lack of private accommodation. The seven-storey building will exclusively comprise of studio flats, all with high specifications exceeding other schemes on the local market. The property will the first private PBSA in the city to offer communal amenities, and will a contain a ground floor commercial unit fronting onto The Drapery.
The scheme is within walking distance of the university campus, The Drapery itself is one of the main shopping streets in Northampton providing various retail, leisure, and hospitality amenities perfect for student life. Northampton has attracted substantial investment, leading to the creation of new train and bus stations and a newly formed Cultural Quarter.
The developers are an experienced PBSA developer with multiple schemes in the area, with dedicated in-house facilities management and construction team.
Vinod Vijaya, Lending Director at Zorin Finance said:
“This will be one of the first private PBSA developments to support the ever-growing student community in Northampton and we are very pleased to support a sponsor with a very successful track record in the Midlands.”
Neil Thakkar, Director at Zone Luxury Developments said:
“The Northampton PBSA development forms part of a new strategic plan for the business and we are delighted to have the full support of Vinod and Zorin as partners to this strategy.”